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Iranian Petroleum Industries Equipment Manufacturers Association (known as SIPIEM) has signed a memorandum of understanding (MOU) with Bank Saderat Iran (BSI) to provide 50 trillion rials (over $193 million) of facilities to domestic manufacturers of oil industry equipment.
As reported by Shana, the mentioned MOU was signed by SIPIEM Head Ehsan Saghafi and BSI Managing Director Hojjatollah Seyedi on the sidelines of the 3rd Specialized Exhibition and Conference on Supporting Domestic Manufacturing in the Petrochemical Industry which was held in southern Kish Island during February 21-23.
The mentioned exhibition is organized by Persian Gulf Petrochemical Industries Company (PGPIC), in collaboration with the Vice-Presidency for Science and Technology, and the SIPIEM.
According to Saghafi, BSI and SIPIEM had also signed another MOU during the first edition of this exhibition for providing facilities to domestic manufacturers of oil industry equipment.
He stated that so far up to 65 percent of the necessary resources for the allocation of the mentioned facilities have been supplied by signing such memorandums which aim to promote the domestic production of goods, equipment, and consumable parts needed by the oil industry.
“With the signing of the new memorandum, the ceiling for providing facilities has been increased by 2.5 times from 20 trillion rials (about $77 million) to 50 trillion rials (over $193 million),” he said.
The SIPIEM head mentioned the support of the banking system, especially BSI, for the reopening of rial-based letter of credit (LC) as one of the necessities for the development of domestic manufacturing of goods and equipment in oil, gas, refining, and petrochemical industries and added: “The bank has supported the reopening of rial-based LC with the aim of accelerating and facilitating the domestic production of goods in the oil industry.”
Also, on the sidelines of the signing of this memorandum, Seyedi referred to the astonishing progress of knowledge-based companies and manufacturers of oil industry equipment, saying that the Bank Saderat Iran cooperation with Iranian manufacturers of oil industry equipment has increased over the past three years.
“With the increase in the ceiling for providing facilities to Iranian manufacturers, it is predicted that the path for domestic production of the oil industry equipment will be paved and this sector will progress at a faster pace,” Seyedi said.
